$6.5M refinance secured for Fort Mill industrial park

Marcus & Millichap Capital Corp. arranged the $6.5 million refinance of Society Lane Industrial Park in Fort Mill.

The 11-building industrial portfolio is 100% leased to 13 tenants, according to a news release from Marcus & Millichap.

The MMCC capital markets team was led by Dallas-based senior director Duke Dennis, who worked on behalf of the owner, Phoenix Industrial Redevelopment, to secure bank financing. The five-year loan was structured at 250 basis points over the five-year treasury, a 25-year amortization and stepdown prepayment.

“With capital markets conditions continuing to be unpredictable, a repeat client requested my role in the placement of a significant cash-out refinance on a property purchased just 24 months ago,” Dennis said in the release. “Given my experience with several other industrial financings, I was able to quickly identify a well-capitalized regional lender that had lending capacity for the product type and a desire to work with my client.”

Marcus & Millichap Capital Corp. is a commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services.

Marcus & Millichap Capital Corporation is a subsidiary of Marcus & Millichap, a commercial real estate investment services firm with offices throughout the United States and Canada.